"Mild" recession predicted for the middle of this year
RBC is predicting a mild recession during the second and third quarters of 2023.
The bank has released a report on Canada's economic outlook, putting a more precise timeline on previous projections for a recession this year.
The economists say higher interest rates will continue to impact the economy this year, weighing on the housing market and purchasing power.
Outlooks are worse in BC, Quebec and Ontario than in other provinces, due to higher household debt service costs and corrections in the housing market.
However, inflation is expected to slow, due to eased supply chain disruptions and a brighter outlook on global manufacturing.
Province Investing Against Invasive Species
Niagara Driver Charged with Drug Impairment
Welland Man Arrested for Child Porn
28 More Doctors Hired in Niagara
Killed Police Officers Honoured by NRP
Niagara Wineries Shuttle Service Possible
Canal Days Vendors Warned of Scams
Niagara Falls Exploring Hub to Help Homeless